(iStock/Thinkstock)(SPRINGDALE, Ark.) — Tyson Foods Chief Executive Officer Donnie Smith announced he will step down after 2016 according to Yahoo Finance. Company president Tom Hayes will succeed Smith.

Hayes was previously the chief supply chain officer for Hillshire Brands before Tyson purchased the company in 2014.

Smith has served as Tyson Foods’ CEO since November 2009. Yahoo Finance reports he will spend three years advising the company after he steps down.

The move comes after Tyson shares experienced a 15.4 percent drop off Monday. Four straight quarterly declines and increased spending are key factors in Smith’s decision to resign.